Mumbai: A laidback Mediterranean getaway has little in common with a financial-crypto metropolis in a desert. Still, Greece is cropping up as a residency destination, a Plan B for many wealthy Indians who are typically lured by Dubai’s zero personal income tax and a spiralling property market.
The lowest entry point for a permanent residency in Greece is an investment of Rs 250,000, roughly Rs 2.7 crore, in a redeveloped commercial property converted for residential use.
Also Read: Europe’s travel rules to change from April 10 - What it means for visitors
“Nine families in the past month, and 17 since January, have invested in the permanent residency programme through us," said Gaurav Tarkar, who heads India business development and sales at Greece’s MIBS Group. “In 2025, we sold 32 properties to clients in India. Business families and HNI professionals fascinated by Europe are choosing Greece permanent residency. For some it’s geopolitics — a fear that Dubai may no longer remain what it was.”
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The Greek developer has an office in Mumbai.
Around 100 buyers from India are estimated to have purchased properties in Greece last year.
Technically, unlike most others, one doesn’t have to spend a day in Greece, but can visit once in five years to renew the permanent residency.
Also Read: A new reality dawns on the Dubai skyline
Enquiries Up 4% in Q1
While it could be in Tarkar’s interest to hard-sell Greece, his view is shared by Dominic Volek, who heads the private client practice at Henley & Partners, the global leader in residence and citizenship planning. “Indian nationals are now the second-largest nationality applying for the Greece programme, after Turkish nationals. This marks a shift from 2025. In 2026, Portugal has slipped behind Greece, indicating a clear reordering of preferences,” said Volek.
It shows up in the enquiry flows. While interest in the UAE has dipped around 13% (Q4 2025 vs Q1 2026), enquiries for Greece are up 4% over the same period.
Besides shifting geopolitics and a higher ticket size for the US EB-5 visa, interest in Greece is stoked by the change in the Portugal Golden Visa, under which real estate is no longer available, said Moin Ladha, partner at the law firm Khaitan & Co. It is less about immediate relocation and more about having flexibility amid uncertainties, he said.
Over the last decade, rich Indians — including a few escaping the law — have changed residency and citizenships. It intensified after Covid-19, with many opting for mobility and easy access to other countries.
Elements driving the shift for Greece are visa-free travel across the Schengen area, lifestyle appeal, and a stable regulatory framework.
It's No Dubai
“At the same time, evolving geopolitical dynamics in the Middle East and changing perceptions of long-term stability and value in traditional hubs like the UAE are prompting globally mobile families to diversify their residence options. While Greece is not a direct substitute for Dubai, it is being increasingly viewed as a complementary or alternative option,” said Volek.
However, Rajneesh Pathak, founder and chief executive of GlobalNorth, which also offers solutions on residency and citizenship by investment, believes no country can replace Dubai due to high tax, lifestyle, cost of living and proximity to India. Also, Greece does not allow one to work there, and transition to a passport isn’t easy, he said.
However, unlike Dubai, no one takes a permanent residency in Greece to work or manage financial assets.
“It is a lifestyle driven investment,” said Sandeep Jain, managing director for South Asia region at Multipolitan, a Singapore-headquartered immigration and mobility platform. “Access to an EU Schengen visa, tourism-backed real estate rental and a second home are features that appeal. Neither does Greece insist on mandatory stay, nor is it sought by those planning a permanent residency.”
The permanent residency is valid till the property is in the applicant’s name. The annual property tax is EUR 250-400, and maintenance costs EUR 40 a month. More than residents, NRIs impacted by the UK’s abolition of the non-domiciled tax status are exploring Greece.
Rajesh Shah, partner at CA firm Jayantilal Thakkar & Co, which is currently processing Greek permanent residency documents for three of its clients, has a word of caution. Obtaining permanent residency without physically moving to a country (or becoming NRI) will not shield anyone from Indian taxes if they spend a long time in India or carry out business from here.
“Some overseas service providers mis-sell products, falsely promising to insulate applicants from the rigours of Indian taxation,” said Shah. “One should be very clear about the purpose. Else, they could end up complying with laws of two countries and face extra tax.”
The lowest entry point for a permanent residency in Greece is an investment of Rs 250,000, roughly Rs 2.7 crore, in a redeveloped commercial property converted for residential use.
Also Read: Europe’s travel rules to change from April 10 - What it means for visitors
“Nine families in the past month, and 17 since January, have invested in the permanent residency programme through us," said Gaurav Tarkar, who heads India business development and sales at Greece’s MIBS Group. “In 2025, we sold 32 properties to clients in India. Business families and HNI professionals fascinated by Europe are choosing Greece permanent residency. For some it’s geopolitics — a fear that Dubai may no longer remain what it was.”
(Join our ETNRI WhatsApp channel for all the latest updates)
The Greek developer has an office in Mumbai.
Around 100 buyers from India are estimated to have purchased properties in Greece last year.
Technically, unlike most others, one doesn’t have to spend a day in Greece, but can visit once in five years to renew the permanent residency.
Also Read: A new reality dawns on the Dubai skyline
Enquiries Up 4% in Q1
While it could be in Tarkar’s interest to hard-sell Greece, his view is shared by Dominic Volek, who heads the private client practice at Henley & Partners, the global leader in residence and citizenship planning. “Indian nationals are now the second-largest nationality applying for the Greece programme, after Turkish nationals. This marks a shift from 2025. In 2026, Portugal has slipped behind Greece, indicating a clear reordering of preferences,” said Volek.
It shows up in the enquiry flows. While interest in the UAE has dipped around 13% (Q4 2025 vs Q1 2026), enquiries for Greece are up 4% over the same period.
Besides shifting geopolitics and a higher ticket size for the US EB-5 visa, interest in Greece is stoked by the change in the Portugal Golden Visa, under which real estate is no longer available, said Moin Ladha, partner at the law firm Khaitan & Co. It is less about immediate relocation and more about having flexibility amid uncertainties, he said.
Over the last decade, rich Indians — including a few escaping the law — have changed residency and citizenships. It intensified after Covid-19, with many opting for mobility and easy access to other countries.
Elements driving the shift for Greece are visa-free travel across the Schengen area, lifestyle appeal, and a stable regulatory framework.
It's No Dubai
“At the same time, evolving geopolitical dynamics in the Middle East and changing perceptions of long-term stability and value in traditional hubs like the UAE are prompting globally mobile families to diversify their residence options. While Greece is not a direct substitute for Dubai, it is being increasingly viewed as a complementary or alternative option,” said Volek.
However, Rajneesh Pathak, founder and chief executive of GlobalNorth, which also offers solutions on residency and citizenship by investment, believes no country can replace Dubai due to high tax, lifestyle, cost of living and proximity to India. Also, Greece does not allow one to work there, and transition to a passport isn’t easy, he said.
However, unlike Dubai, no one takes a permanent residency in Greece to work or manage financial assets.
“It is a lifestyle driven investment,” said Sandeep Jain, managing director for South Asia region at Multipolitan, a Singapore-headquartered immigration and mobility platform. “Access to an EU Schengen visa, tourism-backed real estate rental and a second home are features that appeal. Neither does Greece insist on mandatory stay, nor is it sought by those planning a permanent residency.”
The permanent residency is valid till the property is in the applicant’s name. The annual property tax is EUR 250-400, and maintenance costs EUR 40 a month. More than residents, NRIs impacted by the UK’s abolition of the non-domiciled tax status are exploring Greece.
Rajesh Shah, partner at CA firm Jayantilal Thakkar & Co, which is currently processing Greek permanent residency documents for three of its clients, has a word of caution. Obtaining permanent residency without physically moving to a country (or becoming NRI) will not shield anyone from Indian taxes if they spend a long time in India or carry out business from here.
“Some overseas service providers mis-sell products, falsely promising to insulate applicants from the rigours of Indian taxation,” said Shah. “One should be very clear about the purpose. Else, they could end up complying with laws of two countries and face extra tax.”
